Came across this wild story about Bithumb, a Korean exchange, messing up big time. They were trying to reward users, but instead they accidentally credited them with billions in BTC. What do you all think about this?
You nailed it. Classic example of "not your keys, not your coins." They control all the wallets, so what they dished out wasn't really users' coins. Just a shuffle of numbers in their system. Centralized exchanges give up ownership.
Yeah for sure. Accounts froze up, and users couldn’t touch their coins except for those mistaken deposits. Just shows again that coins on exchanges aren’t truly yours. The exchanges can lock you out anytime.
Totally agree. This could have been disastrous for Bithumb if they didn’t act fast to halt withdrawals. A lot of these glitches slip under the radar, and the exchange doesn’t tell you about it till it’s fixed.
Quick action, huh? Wonder if it’s a PR stunt to grab some headlines. If it was an accident, that employee should be fired! Reminds me of that Crypto.com incident a while back where they sent a ton of money by mistake.
For real though, how could Bithumb screw up like that and think they could just let it slide? They obviously restricted accounts and kept the actual BTC. We should definitely keep our keys.
They might as well rebrand to "Bitdumb." It’s a reminder of how human error can mess up centralized platforms. Lucky it was only a glitch this time. Imagine if they screw up even worse next time!
Someone else already pointed out that those balances are just numbers on Bithumb’s end. They can manipulate things however they want. Quick to fix their mistakes, but not so quick to help when users are in need.
Exchanges do have their place in crypto, not denying that. Some users prefer the convenience they offer, especially newbies. Not everyone wants the hassle of running a full node. But yeah, it’s a trade-off for your keys.
Definitely. Many glitches go unnoticed, and Bithumb probably does want some publicity from this. Curious how they’d handle it if it were an external wallet, though. Lucky they made the error on their own system.
"Almost" is not the same as "all." Wonder how much Bithumb actually lost and who got lucky with that glitch. Bet those who knew what they were doing had bots ready to snap up those funds.
You really gotta rethink your understanding of Bitcoin if you think centralized exchanges actually help. They exist because of government regulations. Remember when we had solid DEXs without KYC? People are just lazy now.
You got it, not your keys not your coins. Best example ever. Those billions in BTC were just fluff in Bithumb’s database. They control everything. If they wanted, they could freeze your account whenever.
Hey, I’m learning here, so I appreciate the feedback. I agree that exchanges are comfy, but I mentioned full nodes cause Bitcoin Core can do transactions without needing to rely on other wallets. So, can I use it without a full node?
Facts. Just because your balance says 2,000 BTC doesn’t mean that’s real. It’s all just numbers. And honestly, Bithumb likely doesn’t have the liquidity to back up those mistakes. Might just be an attention-seeking stunt.
Better open your eyes about centralized exchanges. They have all the control, and one mistake can really mess with users. Bithumb’s glitch created fake BTC, and it totally messed with market prices. Watch out.